Ripple vs. SEC: XRP price on Thursday witnessed a 4% upside move defying the broader crypto market selloff. The price increase is a surprise but welcomed by the XRP community. Ripple to file its reply is key for the lawsuit as of now after the SEC opposed Ripple’s motion to strike the declaration of Andrea Fox (Fox Declaration).
The SEC claims the Fox Declaration is a summary report on XRP institutional sales, not an expert report. Also, the SEC argues it is permissible summary evidence under the law, similar to the Ferrante Declaration filed earlier.
Ripple to File Reply to SEC’s Opposition
Judge Sarah Netburn entered a scheduling order regarding Ripple Labs’ motion to strike new expert materials the U.S. Securities and Exchange Commission (SEC) submitted to support remedies and final judgment against Ripple to pay almost $2 billion in penalties.
Ripple is to file its reply three business days after the SEC’s opposition on April 29, as per the order by Judge Netburn. Lawyers claimed the SEC came back strongly against the SEC, but Ripple argument still holds relevance if didn’t dispute the summary of financial records.
The SEC refuted Ripple’s argument and stated Fox did not give an opinion and told what counsel told her to check whether some institutional buyers suffered pecuniary harm as others received higher discounts.
Pro-XRP lawyer Bill Morgan said the SEC’s argument on pecuniary harm suffered by some institutional buyers is still weak enough for disgorgement.
Ripple is likely to ask the judge to strike the Fox Declaration as it was filed after the discovery deadline. However, it’s up to Judge Netburn to decide whether to include the summary but remove the pecuniary harm statement the SEC included in the remedies-related brief. Also, the defense team to argue related Fox Declaration used by the SEC to seek disgorgement and high penalties.
Meanwhile, the SEC will file a reply on May 6 to Ripple’s claim that the total penalties considering Torres ruling on XRP institutional sales don’t exceed $10 million.
Also Read: Dogecoin’s 47% Pullback Sets Stage for A Mega DOGE Price Rally Ahead
XRP Price Saw Buying Amid Market Selloff
While Bitcoin price is down over 4%, XRP price jumped 4% likely after Ripple locked 800 million XRP in escrow to decrease the circulating supply. Ripple also transferred 60 million to an unknown wallet, sparking discussion in the XRP army.
XRP price jumped more than 4% in the last 24 hours, with the price currently trading above $0.512. The 24-hour low and high are $0.480 and $0.520, respectively. Furthermore, trading volume has increased by 15% in the last 24 hours, indicating a rise in interest among traders.
The derivatives market recording huge buying in the last 24 hours as whales and traders buy the dip, as per CoinGlass data. XRP futures open interest holds above 1 billion XRP, with OI jumping 6% in the last 24 hours and 2% in past 4 hours.
Also Read: Peter Schiff Highlights Bearish Pattern Formation in BTC Price, Predicts Downside Target